Not all Hispanics are liberal. And as they assimilate, they tend to worry about the issues, instead of voting by ethnicity and nothing more, like many(not all) people do in the NYC Mayoral(as an example).
The Hispanic vote broke for Obama over McCain by 67-31 margin in 2008 election.
http://pewresearch.org/pubs/1024/exit-poll-analysis-hispanicsIn Texas Obama got 63% of Hispanic vote.
Currently, national polls show likely Hispanic voters prefer Obama by 66-31
http://www.palmbeachpost.com/news/news/s...g-hispan/nSdB6/It has very little to do with voting by ethnicity and everything to do with a vocal minority of the Republican base being openly hostile to Hispanics and more generally Hispanic voters eschewing what the Republicans are selling, even if immigration is removed from the equation.
The Republicans can counter this by trying to engage in voter suppression or run up larger margins among white voters. But even here they are limited somewhat due to stances on abortion and contraception. The gender gap is real. As Senator Graham said, "We’re not generating enough angry white guys to stay in business for the long term"
So this all adds up to either in the next 8-12 years the Republicans move back toward the center and remain viable or keep on doing what they're doing and try to find a way to win with math that doesn't work.